Pennyrile Counties Receive Opportunity Zone Designation

​Gov. Bevin announced on April 9, 2018 the U.S. Department of the Treasury certified 144 Opportunity Zones in 84 Kentucky counties under a program in the Tax Cuts and Jobs Act of 2017 that aims to encourage long-term investments in low-income urban and rural communities nationwide. Four counties in the Pennyrile region were among the 84 selected: Christian, Hopkins, Muhlenberg, and Todd Counties.

The designation offers significant federal tax breaks and deferrals to entities and individuals investing in Opportunity Funds, which support development projects within one or more zones. The Kentucky Cabinet for Economic Development will oversee the state’s program through the Kentucky Opportunity Zone Initiative and today launched KYOZ.org to provide information on this widespread and promising opening for economic development.

“The Opportunity Zones approved today by the U.S. Department of the Treasury provide one more reason for companies and businesses to consider locating in Kentucky,” said Gov. Bevin. “Kentucky will maximize this golden chance to attract economic development projects to communities most in need across the commonwealth, and the Kentucky Opportunity Zone Initiative will strengthen and rebuild both rural and urban areas. Whether along the Mississippi River in West Kentucky, throughout West Louisville’s neighborhoods, or in the heart of Appalachia, these zones will spur investment, growth and community development.”

The Kentucky Opportunity Zone Initiative presents a unique opportunity for regions that have not experienced the same economic development success as others to surge forward. It aims to encourage and attract significant institutional, corporate and individual investment in Kentucky’s Opportunity Zones, and the cabinet will work with local partners to ensure the commonwealth takes full advantage of the federal policy.

KYOZ.org features maps, current corporate investment projects, data, opportunity funds info and more. The site, which will be updated regularly with news, details, research tools and other useful amenities, will demonstrate the advantages of Kentucky’s Opportunity Zones to potential investors.

Interactive maps, a full list of Kentucky Opportunity Zones, quotes from lawmakers and more resources are available at www.KYOZ.org.